2021 Annual Comprehensive Financial Report

The Greensboro area economy remains stable. The Gross Metropolitan Product (GMP), measuring the total output of goods and services ranked the Greensboro/High Point metro in the top 20% nationally with total GMP of $43.2 billion, up 13.3% for the five year period of 2015-2019 (U.S. Bureau of Economic Analysis). Between April 2020 and June 2021, the Greensboro/High Point metro area experienced job growth of 17.4%, adding 50,509 jobs and a labor force increase of almost 4.4% with total employment of 340,694. While many added jobs were those refilled from prior layoffs due to the pandemic, many are the result of business expansions and new employers.

The Greensboro/High Point metro area unemployment rate steadily decreased from 10.1% in 2000 to a low of 3.7% in January 2020. The national average unemployment rate in January 2020 was 3.5%. Beginning in March 2020, rates rapidly increased due to the Covid-19 pandemic to a peak in April 2020 of 15.6% for Greensboro/High Point metro area and 14.8% nationally. The unemployment rates have decreased since April 2020 with June 2021 rates at 5.2% for Greensboro/High Point metro area and 5.9% nationally. (U.S. Bureau of Labor Statistics) The most recent Census Bureau data indicates that Median Household Income in Greensboro was $49,748, a 21.9% increase from $40,827 for the five year period from 2015-2019. (U.S. Census Bureau) In fourth quarter 2020, there were 1,042 single-family home closings in Greensboro, a 14.4% increase compared to the same period last year. The fourth quarter 2020 median home sales price in Greensboro was $255,236, a 9.5% increase compared to the same period last year. (Greensboro Regional REALTORS® Association) There are currently 11,044 hotel/motel rooms throughout the City comprising 94 hotels. Receipts from the City’s 3% occupancy tax totaled $2,926,349 in FY 2020-21. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to Coliseum complex improvements and maintenance on the facility. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities and for support of the Steven Tanger Center for the Performing Arts debt service. Guilford County has a robust and growing tourism industry, maximizing economic impact and vitality in the region. In 2018 and 2019, Guildford County was the third in visitor spending at $1.49 billion and $1.59 billion, respectively, among all North Carolina counties.

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